UAE shares keep rising after rally for crude
UAE shares rose with others across the Arabian Gulf, off the back of firm global equities and a surge in oil prices.
DIB rose to its highest level since April, ending up 3.3 per cent at Dh5.56, while Emaar gained 1.3 per cent to Dh6.69.
“Local markets are still being primarily guided by the international rebound after the Brexit vote,” said Muhammad Shabbir, the head of equities at the investment bank Rasmala.
“Second-quarter results are starting to come through in Saudi and elsewhere, which may start influencing local sentiment, but we’re still a couple of weeks away from that point as it’s still quite soon after the Eid holiday.”
In the capital, Etisalat shares had their best day since November, closing up 3.6 per cent at Dh19.70.
The Abu Dhabi Securities Exchange General Index gained 0.6 per cent to 4,574.13.
All of the main Arabian Gulf bourses finished in positive territory, following a late surge in oil prices on Tuesday evening.
Brent crude futures gave up some of those gains on Wednesday and were trading down more than 1 per cent.
Shares in Europe continued to shrug off uncertainty around Brexit to stay in positive territory.
The FTSE 100 was trading about flat on Wednesday late afternoon ahead of a possible interest rate cut today by the Bank of England, while the Euro Stoxx 50 was up about 0.2 per cent.
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Published: July 13, 2016 04:00 AM